There is a digital revolution in India. Most businesses are adopting digitisation in operations. Banking too is undergoing digital transformation in a big way. In risk assessment, banking has to use artificial intelligence and data analytics.

The UPI payment system has reached the interiors of India. There is biometric authentication these days. Banks make use of virtual advisors. They are of help in selling quick loans but not in inducing people to invest.

There should be robust complaint grievance redressal system. We have to think of contextual credit — breaking down credit and delivering it where it is needed the most.

Market players consist of global giants, big tech companies and Indian corporates. It is time for fintech. Here companies may become more powerful than governments. Big tech companies face this problem. If too much money is disbursed to too many people in the absence of sufficient risk assessment, one can lose money. Credit is an idiosyncratic business. Chroma, a Tata group company, does sell products financed mostly by Bajaj rather than Tata Capital